UBS announced Monday that Christian Bluhm will remain in his role as group chief risk officer “for the foreseeable future” as the Swiss bank grapples with integrating Credit Suisse into its business.
UBS in November announced Damian Vogel as Bluhm’s planned successor, effective May 2023. Bluhm was set to step down to focus on personal interests. The appointment came before the collapse of Silicon Valley Bank created chaos for the global banking industry, which eventually resulted in the planned sale of Credit Suisse to UBS.
UBS opted to appoint Vogel to the newly created role of group risk control head of integration. In this role, he will lead risk control-related integration activities and define the best possible setup for the firm’s combined group risk control function.
“Having both senior risk leaders actively engaged will help ensure that we’re well prepared and appropriately set up in an area that is crucial for our future success,” said UBS Group Chief Executive Sergio Ermotti in a press release.
Integrating the two largest Swiss banks stands to be a “Herculean task,” said Lukas Gähwiler, UBS’s vice chairman of the board of directors, during the bank’s annual general meeting of shareholders earlier this month.